As covered in the Chicago Tribune this week, a brand new office tower
being constructed at 111 S. Wacker Drive in chicago’s downtown district
has been placed up for sale for and incredible $375 per square foot. If
the publicized price is met, it would be the largest sum paid since 1990,
while the real estate market was most recently at its high point. And by
having 1 million sq ft of commercial office space for sale, the building
as a whole would set a new record for biggest total sales price.
The space is likely to take in the big bucks it is requesting, with a well
respected group of tenants already signed on. Financial powerhouse
Deloitte will occupy 47% of the space as part of a a 15 year lease, and
attorney firm Lord Bissell & Brook will also be moving in there.
The 111 S. Wacker building, being developed by John Buck, Co., is not the
only hot downtown Chicago commercial property for sale. Two other,
humbler west loop professional buildings are also hoping to outstrip the
$300/sq. ft. mark. These record-setting asking prices have some analysts
worried that the market could be getting too hot once more. Others insist
that realty is being reevaluated by the market, and that underlying values
are growing as realty comes more into line with other kinds of
investments, including bonds and stocks.
